Hong Kong IPO disclosure precedents · 550 companies, 554 items
a large share of revenue from the largest or five largest customers, discussed as reliance or concentration (why it is mutual, sustainable, how it will be reduced)
Revenue from our five largest customers in each year/period during the Track Record Period was RMB114.4 million, RMB122.1 million, RMB149.1 million and RMB80.0 million, respectively, representing 36.5%, 32.5%, 29.6% and 32.1% of our total revenue for the same respective periods.
Summary · p. 15
During the Track Record Period, the composition of our five largest customers changed to some extent, primarily because our customer relationships are closely tied to specific projects rather than long-term centralized contracts.
Business · p. 278
We manage the risks associated with customer turnover through robust project management, diversified customer acquisition strategies to ensure continuity and stability in our operations.
In 2022, 2023, 2024 and the nine months ended September 30, 2025, (i) our five largest customers in each year/period during the Track Record Period contributed 12.6%, 11.5%, 12.7% and 19.3% to our total revenue for the respective year/period; and (ii) our largest customer in each year/period during the Track Record Period accounted for 5.5%, 5.2%, 4.0% and 9.7% of our total revenue for the respective year/period.
Summary · p. 4
As of the Latest Practicable Date, we had maintained stable business relationship with our major customers for approximately 13 years in average.
Business · p. 159
As of the Latest Practicable Date, none of our Directors, their close associates or any of our Shareholder which to the best knowledge of our Directors owned more than 5% of the issued share capital of our Company, had any interest in our five largest customers in each year/period during the Track Record Period.
Revenue from our five largest customers during each year/period in the Track Record Period accounted for 73.8%, 57.0%, 45.6% and 52.4%, respectively, of our total revenue for the respective year/period.
Summary · p. 5
Revenue from our largest customer for each year/period in during the Track Record Period accounted for approximately 40.1%, 17.5%, 15.2% and 27.2% of our total revenue for the respective year/period.
For the years ended December 31, 2022, 2023, 2024 and the nine months ended September 30, 2025, the revenue generated from our five largest customers for each year/period amounted to RMB46.0 million, RMB196.5 million, RMB355.8 million and RMB201.9 million, respectively, accounting for 91.5%, 85.4%, 75.2% and 75.0% of our total revenue for the corresponding year/period, respectively.
Summary · p. 6
The revenue from our largest customer for each year/period amounted to RMB23.5 million, RMB82.8 million, RMB112.9 million and RMB75.3 million, respectively, accounting for 46.9%, 36.0%, 23.9% and 28.0% of our total revenue for the corresponding year/period, respectively.
Business · p. 203
None of our Directors, their associates or any Shareholders who, to the knowledge of our Directors, owned more than 5% of our issued share capital as of the Latest Practicable Date, had any interest in any of our five largest customers and suppliers for each year/period during the Track Record Period.
Revenue from our five largest customers in each year or period during the Track Record Period represented 57.5%, 57.2%, 57.7% and 54.9% of our total revenue in the same respective periods.
Summary · p. 11
Revenue from our largest customer in each year or period during the Track Record Period represented 17.9%, 15.7%, 15.4% and 17.7% of our total revenue in the same respective periods.
Business · p. 181
Tracing back to our journey with Zhejiang Topsun Holding, as of August 31, 2025, we had 85 customers with whom we maintained partnerships for more than five years, accounting for 66% of our total customer base.
In 2022, 2023 and 2024 and the nine months ended September 30, 2025, the aggregate revenue generated from our five largest customers of each year/period of the Track Record Period were RMB3,091.1 million, RMB1,713.3 million, RMB2,790.7 million and RMB3,116.3 million, representing 84.2%, 74.8%, 76.7% and 76.8% of our revenue in the respective years/period.
Summary · p. 8
Revenues generated from our single largest customer of each year/period of the Track Record Period were RMB941.5 million, RMB626.6 million, RMB833.4 million and RMB1,139.6 million in 2022, 2023, 2024, and the nine months ended September 30, 2025, representing 25.6%, 27.4%, 22.9% and 28.1% of our revenue in the respective years/period.
Summary · p. 8
Our customers include globally leading DRAM suppliers, including Samsung, SK Hynix and Micron, which collectively account for more than 90% market share of the global server DRAM industry in 2024, according to Frost & Sullivan.
Revenue from sales to our top five customers in each year or period during the Track Record Period in aggregate accounted for 36.4%, 25.0%, 22.6% and 32.5% of our total revenue, respectively, in the same periods.
Business · p. 200
Our Directors are of the view that there is no customer concentration risk.
Business · p. 200
To the knowledge of our Directors, as of the Latest Practicable Date, none of our Directors and their respective associates or any of our shareholders holding more than 5% of our issued share capital had any interests in any of our five largest customers in each year or period during the Track Record Period.
The aggregate revenue from our top five customers for FY2022, FY2023, FY2024 and 10MFY2025 accounted for 40.9%, 25.7%, 23.3% and 24.4%, respectively, of our total revenue during the same year/period.
Summary · p. 4
Revenue from our top five customers in FY2022, FY2023, FY2024 and 10MFY2025, in aggregate, amounted to RMB5,485.4 million, RMB4,476.3 million, RMB4,487.1 million and RMB4,254.9 million, which accounted for 40.9%, 25.7%, 23.3% and 24.4%, respectively, of our total revenue of the corresponding year/period.
Business · p. 192
Revenue from our single largest customer amounted to RMB2,161.1 million, RMB1,052.6 million, RMB1,115.2 million and RMB1,014.0 million for FY2022, FY2023, FY2024 and 10MFY2025, representing 16.1%, 6.0%, 5.8% and 5.8% of our total revenue respectively during the corresponding year/period.
During the Track Record Period, the aggregate revenue generated from the largest five customers in each year/period amounted to RMB25,697.1 million, RMB21,650.3 million, RMB38,131.2 million and RMB24,881.0 million in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively, representing approximately 87.6%, 79.6%, 82.2% and 79.4% of our total revenue in the respective year/period.
Summary · p. 7
We obtained one, 15, 13 and 13 new customers in 2022, 2023 and 2024 and the nine months ended September 30, 2025, respectively.
Business · p. 238
Notwithstanding our business relationships with Xiaomi Group during the Track Record Period, our Directors are of the view that we will be able to control the risk of reliance, and our significant sales to Xiaomi Group would not adversely affect our business operation, our financial performance and would not impact on our suitability for Listing due to (i) complementary industry positions and mutual benefit, (ii) win-win collaborations and co-growth trajectory, (iii) robust internal compliance and transparency, (iv) diversifying customer base leveraging our past successful experience, (v) expanding product categories.
In 2023, 2024 and nine months ended September 30, 2025, revenue from our five largest customers in each year/period during the Track Record Period amounted to US$2.1 million, US$13.4 million and US$11.6 million, representing 60.5%, 44.1% and 21.7% of our total revenue for the respective periods.
Summary · p. 12
In 2023, 2024 and nine months ended September 30, 2025, revenue derived from our largest customer in each year/period during the Track Record Period amounted to US$1.3 million, US$9.4 million and US$7.8 million, representing 37.2%, 30.9% and 14.7% of our total revenue for the respective periods.
Business · p. 293
During the Track Record Period and up to the Latest Practicable Date, all of our five largest customers in each period during the Track Record Period were independent third parties.
In 2022, 2023, 2024 and the six months ended June 30, 2025, our top five customers in each of such years/period contributed to 55.2%, 55.9%, 51.0% and 50.3% of our total revenue, respectively.
Summary · p. 6
Revenue from our largest customer in each year/period during the Track Record Period alone accounted for 24.8%, 30.0%, 27.8% and 25.8% of our total revenue during each of these periods, respectively.
Summary · p. 6
In 2024, we had a global active customer base of over 2,300 that generated revenue for us.
Sales to our five largest customers for the years/periods ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 79.9%, 78.4%, 56.9% and 67.8% of our total revenue during those years/periods.
Summary · p. 6
In 2022, 2023, 2024 and six months ended June 30, 2025, the sales to our largest customer accounted for 44.2%, 28.5%, 15.0% and 24.6% of our total revenue, respectively, while our five largest customers for the same years/periods accounted for 79.9%, 78.4%, 56.9% and 67.8% of our total revenue, respectively.
Business · p. 203
We believe that we do not rely on any particular customer to maintain our current level of profitability and would not need to find replacement if any major customer ceases to conduct business with us.
For the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, revenue generated from our five largest customers in each year/period amounted to RMB44 thousand, RMB142.5 million and RMB103.3 million, representing approximately 100.0%, 99.9% and 99.5% of our total revenue for the same year/period, respectively.
Business · p. 358
During the Track Record Period, our revenue was primarily derived from our license and collaboration agreements with our business partners.
Business · p. 358
To the best of our knowledge, none of our Directors, their respective associates or any shareholder who owned more than 5% of our issued share capital of our Company as of the Latest Practicable Date, had any interest in any of our five largest customers in each year/period during the Track Record Period.
The total revenue from our five largest customers in each of FY2023 and FY2024 and our four largest customers in 6M2025 represented approximately 101.2%, 98.9% and 100.0% of our total revenue for FY2023, FY2024 and 6M2025, respectively; and the revenue from our largest customer in each year/period during the Track Record Period represented approximately 51.1%, 49.1% and 62.4% of our total revenue, respectively for the corresponding year/period.
Business · p. 158
According to the CIC Report, given the capital-intensive and long-term nature of such projects, it is standard industry practice for contractors to focus on a limited number of concurrent engagements, each of which may contribute a material portion of annual revenue.
Business · p. 158
In view of the expected growth in the market size of the transportation infrastructure engineering industry and the flood mitigation segment in Malaysia as driven by, among others, government policies according to the CIC Report, we intend to expand our scale of operation through actively seeking opportunities in undertaking more projects, from both our existing and potential new customers, on top of our present scale of operation and our current projects on hand.
In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our five largest customers accounted for 55.4%, 61.5%, 45.5% and 40.0% of our total revenue, respectively. In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our largest customer accounted for 15.4%, 14.7%, 19.0% and 11.0% of our total revenue, respectively.
Summary · p. 11
In each year/period during 2022, 2023, 2024 and the six months ended June 30, 2025, revenue from our five largest customers accounted for 55.4%, 61.5%, 45.5% and 40.0% of our total revenue, respectively.
Business · p. 203
We have a broad and diverse client base, which expanded rapidly over the Track Record Period.
In each of the years ended December 31, 2023 and 2024 and the six months ended June 30, 2025, we generated revenue of RMB46.9 million, RMB74.0 million and RMB68.9 million from our five largest customers, respectively, representing 97.7%, 46.3% and 46.1% of our total revenue for the respective periods.
Business · p. 386
The credit terms were determined on a case-by-case basis and varied significantly depending on the scale and bargaining power of the specific customer, as we are at the early stage of commercialization and had a limited number of sales of our Core Products.
Revenue generated from our largest customer in each of 2022, 2023, 2024 and the six months ended June 30, 2025 accounted for 37.7%, 19.3%, 44.9% and 13.8% of our total revenue for the respective year/period, while that of our top five customers accounted for 94.2%, 73.3%, 73.4% and 38.6% of our total revenue for the respective year/period.
Summary · p. 5
The decrease in customer concentration reflects our successful customer base expansion and market diversification strategy during the Track Record Period.
Business · p. 207
During each year/period of the Track Record Period, the majority of our revenue was generated from sales to a small group of customers.
During the Track Record Period, the aggregate revenue generated from our top five customers in each year/period since 2023 amounted to RMB60.9 million, RMB304.0 million and RMB57.7 million, which accounted for 98.1%, 90.3% and 97.9% of our total revenue, respectively.
Summary · p. 7
During the Track Record Period, we have generated revenues from a small group of customers primarily because we were still at a relatively early stage of commercialization and had limited number of customers.
Business · p. 250
As we continue to commercialize our intelligent computing solutions through executing our strategy to partner with large customers in key industries with high demands for computing power, our customer base and profile are expected to constantly change, and we expect to further reduce our customer concentration.
For the years ended December 31, 2022, 2023, 2024 and the six months ended June 30, 2025, the revenue attributable to our top five customers for each year/period during the Track Record Period amounted to approximately 77.7%, 64.6%, 59.0% and 84.0% of our total revenue for the respective year/period, while the revenue attributable to our largest customer, Customer A, for each of the same year/period amounted to approximately RMB1,233.0 million, RMB626.6 million, RMB641.0 million and RMB870.0 million, respectively, representing approximately 64.8%, 43.1%, 42.1% and 61.1%, of our total revenue for the respective year/period.
Summary · p. 9
As of the Latest Practicable Date, given that the project backlog contributed to Customer A was RMB148.0 million, revenue generated from Customer A is expected to decrease significantly going forward.
Summary · p. 9
As of the Latest Practicable Date, our project backlog attributed to Customer A amounted to RMB148.0 million
For the years ended December 31, 2022, 2023, 2024 and for the six months ended June 30, 2025, the aggregate revenue generated from our top five customers in each year/period, amounted to RMB98.2 million, RMB186.6 million, RMB169.3 million and RMB83.0 million, accounting for 34.1%, 35.2%, 26.8% and 42.0% of our total revenue in each corresponding year/period, respectively.
Summary · p. 3
As of the Latest Practicable Date, none of our Directors, their associates or any other Shareholder which, to the knowledge of our Directors, owned more than 5% of our share capital had any interest in any of our top five customers.
Business · p. 207
The revenue generated from such top 10 asset managers* combined contributed to 23.3%, 18.6%, 10.9% and 19.8% of our total revenue for the years ended December 31, 2022, 2023, 2024 and for the six months ended June 30, 2025, respectively.